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Thread: Ritz closing for good

  1. #21
    kts's Avatar
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    Something shady about a guy who owned the place and drove it into the ground buying it back for pennies on the dollar and probably likely to do the same thing all over again. At least they don't have Boater's World and the large number of unprofitable stores to deal with now. If I was in his shoes and was able to jump out and then buy it back for a fraction of what it was worth and most likely escape a lot of debt I would probably do the same thing he did. Still a little bit shady.

    Glad you still have a job, but I would still keep that resume up to date.
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  2. #22
    Level 3 User trinity's Avatar
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    Quote Originally Posted by kts View Post
    Something shady about a guy who owned the place and drove it into the ground buying it back for pennies on the dollar and probably likely to do the same thing all over again. At least they don't have Boater's World and the large number of unprofitable stores to deal with now. If I was in his shoes and was able to jump out and then buy it back for a fraction of what it was worth and most likely escape a lot of debt I would probably do the same thing he did. Still a little bit shady.

    Glad you still have a job, but I would still keep that resume up to date.
    gee thanks for the confidence. he just wanted to get rid of the bad and start again. thats kinda what chapter 11 does.. either you get out somehow or sink and die.

    he found a way out... so whats the problem?
    its not shady. its business.

    cant say anything positive about the company ever can you? couldnt even read the first report of this whole thing correctly and just assumed it would be closing and made that the title.

  3. #23
    kts's Avatar
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    Quote Originally Posted by trinity View Post
    gee thanks for the confidence. he just wanted to get rid of the bad and start again. thats kinda what chapter 11 does.. either you get out or sink and die.

    he found a way out... so whats the problem?
    its not shady.

    cant say anything positive about the company ever can you? couldnt even read the first report of this whole thing correctly and just assumed it would be closing.
    if they wanted to just reorg debts and come out from chapter 11 they would have done that, instead they went to the liquidation route (chapter 7.)

    my concern with this is that they are putting the same guy in charge who ran them into the ground the first time. at least this time they are a leaner company, i hope they bring in a good team with a proven track record of helping turning around failing companies.

    i did jump on the liquidation bandwagon early but there wasn't much promise in that first article i posted. if ritz couldn't make a go of it anymore who could? they did seem headed down the path of circuit city, filene's basement, tweeter, and eddie bauer which all went down the chapter 7 route. comments from company people/lawyers in that first article also sounded quite emo.

    i hope the 'new' ritz can make a go of it. i bought my D50 there. i have bought a few camera bags there as well.

    i think they will end up closing a large number of stores but the one you work at i would think is definitely safe from that but i would expect them to still liquidate a lot of the 'old' once the 'new' has taken over.

    i would still keep that resume up to date, it's a wise move to have it up to date for everyone, but especially for people who are employed by companies that just recently went through bankruptcy proceedings.
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  4. #24
    Level 3 User trinity's Avatar
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    Quote Originally Posted by kts View Post
    if they wanted to just reorg debts and come out from chapter 11 they would have done that, instead they went to the liquidation route (chapter 7.)

    my concern with this is that they are putting the same guy in charge who ran them into the ground the first time. at least this time they are a leaner company, i hope they bring in a good team with a proven track record of helping turning around failing companies.
    Ritz was NEVER in chapter 7. just cause you close stores doesnt mean the company is in chapter 7. its reorganizing. cutting loose ends.

    and who said David Ritz ran the company into the ground? I blame the internet. People seem to prefer not using before they buy and internet seems more convenient. lots of stores suffer from online competition and Ritz is no exception. Biggest flaw was having too many midget stores. Some that they closed were a considerable size, just too close together.

  5. #25
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    Quote Originally Posted by trinity View Post
    Ritz was NEVER in chapter 7. just cause you close stores doesnt mean the company is in chapter 7. its reorganizing. cutting loose ends.

    and who said David Ritz ran the company into the ground? I blame the internet. People seem to prefer not using before they buy and internet seems more convenient. lots of stores suffer from online competition and Ritz is no exception. Biggest flaw was having too many midget stores. Some that they closed were a considerable size, just too close together.
    you are correct, they didn't go chapter 7, but they were headed there:

    Ritz Camera, a Beltsville-based chain that during 91 years grew to become the nation's largest photo retailer, said in a bankruptcy court filing today that it is unable to raise enough cash to operate and is seeking permission to sell its assets.

    {snip}

    If the effort to sell the company is not successful, according to the filing, Ritz is seeking permission to liquidate its assets and close by July 24, to avoid paying $3 million in rent going into September.
    ^^ that's pretty damn close to going chapter 7. he lucked out that he found some investors who got behind him to start this 'new' ritz.

    and david ritz should be blamed for his company failing. he was the president of the company. he was in charge of it. he made the poor business decisions to over expand like they did and to not find ways to compete with internet sales. ultimately the buck stops with him.
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  6. #26
    Level 3 User trinity's Avatar
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    apparently there is gonna be a press conference of some sort at the beltsville store on friday/monday.

    I only found out today cause now I gotta spend all day tomorrow cleaning at work... making the store "camera ready" and I have to go shopping for "business attire" lol

  7. #27
    Level 3 User devilc's Avatar
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    Pics or GTFO.

    Quote Originally Posted by trinity View Post
    I have to go shopping for "business attire" lol
    "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."
    Thomas Jefferson

  8. #28
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    So Ritz is still around just owned by a new corp, of Mr. Ritz again. It was sold then re bought to save some debt to my understanding. So everything in the store has to go back to the company and then be bough by Ritz again but the stores and employees are still around.

  9. #29
    Level 3 User trinity's Avatar
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    Quote Originally Posted by Lumenfreak View Post
    So Ritz is still around just owned by a new corp, of Mr. Ritz again. It was sold then re bought to save some debt to my understanding. So everything in the store has to go back to the company and then be bough by Ritz again but the stores and employees are still around.
    thank you captian redundancy lol

  10. #30
    Level 3 User Krush's Avatar
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    Went to the Ritz here in the mall and it was gone. Whats going on?
    ECUE

  11. #31
    Level 1 User Mike's Avatar
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    Well they did say they were closing some of the smaller stores.

  12. #32
    Level 3 User trinity's Avatar
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    they closed over 400-500 stores I believe... total... before and after chapter 11.

  13. #33
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    Quote Originally Posted by trinity View Post
    they closed over 400-500 stores I believe... total... before and after chapter 11.
    Well, thats the only one around here. All the others are a bit of a hike.
    ECUE

  14. #34
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    the one in the towson(ish) area is still alive and kickin...

    i've never used them for anything but large prints, poster sized, and they have been great. good customer service (at that location at least) and the printer is better than i expected. might not be in a gallery but my photos look darn good on my wall. they printed one 24x36 photo 3 times at no extra charge because the first two were cropping in a funny place

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